By Steve Hubrecht 

[email protected]

The District of Invermere’s latest housing needs report is finished.

The report — like similar reports for the Village of Radium Hot Springs and Canal Flats that came out last fall — is an “interim” update of an initial housing report first completed in 2021.

Invermere’s report underscores a need, given strong recent population growth, for the district to add a good deal more housing in the coming years and decades. Specifically it outlines a five-year housing need (from 2021 to 2026) of 190 new housing units, and a 20-year housing need (from 2021 to 2041) for 723 new housing units.

Although the report was finished just recently, it uses data from the 2021 national census; that’s why the five-year housing needs projection goes from 2021 to 2026, and the 20-year project goes from 2021 to 2041. The initial Invermere housing needs report used data from the 2016 census.

Given that Invermere has been beset by a housing crisis for several years, and that few reports (either anecdotal or official) paint a rosy picture of the housing situation here, the new interim report contained a rare spark of positive news, pointing out that Invermere’s five-year housing need of 190 new units has already been met: district figures show 191 new housing units created from 2021 to 2023 alone.

But the report did not detail the makeup of these 191 new units (i.e. how many are affordable housing units, seniors’ housing units, purpose-built rentals, workforce housing, etc) and whether or not they cover the diverse needs of all those seeking housing in Invermere.

District officials have in the past pointed out that Invermere has far more single family homes than other similar-sized communities across British Columbia. 

But the report indicated the pressures of the housing crisis may be forcing this to change: 131 (69 per cent) of the 191 new housing units were multi-family dwellings, and 60 (31 per cent) were single family dwellings.

The report details how prices for most types of housing in Invermere has shot upwards in recent years, especially since the COVID-19 pandemic, as the price of an average single family house in Invermere leaped from $386,000 in 2017 to $664,000 in 2023. 

The average townhouse price surged from $265,000 in 2017 to $474,000 in 2023; and the average duplex, triplex or fourplex price jumped from $335,000 in 2017 to $445,000 in 2023. Condos are the only type of housing not to see such a dramatic price increase, although there was still an increase: the average condo price went up from $260,000 in 2017 to $298,000 in 2023.

Short-term rentals (STRs) are also addressed in the report, which uses AirDNA data to track the number of STRs in Invermere, and also to show how they fluctuated seasonally. 

In December 2021 there were 117 active STR listings in Invermere on AirBnB and VRBO; in August 2022 there were 232; in December 2022 there were 159; in August 2023 there were 265; in December 2023 there were 164; and in August 2024 there were 259.

The report highlights that most STRs in Invermere are two bedrooms or larger and outlines that the “STR data in this report illustrates that STRs are occupying valuable multi-bedroom units that could serve as long-term rental housing for families in Invermere.”

There are 90 Invermere households in core housing need (spending between 30 per cent and 50 per cent of before-tax income on housing, and facing at least one housing issue, but unable to move within Invermere due to lack of affordable alternatives). Of these 90 households, 20 are owner households and 70 are renter households. 

There are a further 25 households in Invermere (all renter households) in extreme housing need (spending more than 50 per cent of before-tax income on housing, and facing housing issues).

The report’s home ownership affordability analysis paints a gloomy picture, noting that “the data (on household incomes and home prices) illustrates that no family structures earning median incomes in Invermere can afford to purchase a single-detached home,” later adding that “the data (also) indicates that very few family structures will be able to transition from renting to ownership without significant financial hardship.”

The rental affordability analysis is a little better, pointing out that “the data illustrates that lone-parent families and couples with children cannot afford to rent homes with multiple bedrooms and therefore their housing needs cannot be met in Invermere.”

In its “key need’ conclusions the report outlines “a strong need for rental housing in the form of all bedroom typologies … the data indicates that current market rents are unaffordable for most households and the development of affordable rental housing is a key priority for Invermere.”

To help the situation the report proposed encouraging housing with “mortgage helpers” such as secondary suites and accessory dwelling units. These could, the report says, put buying a home within reach of more families and individuals, and will at the same time result in more long-term rental units.